CRV is at a low ebb, derivative protocol CVX has risen by more than 100% in a single day, is the concept of rotation? Short squeeze effect?

A large amount of CRV pledged by the founder of Curve was liquidated. Although the price of CRV has rebounded, it is still at a relatively low point in the past year. Coupled with the discussion that the founder of Curve has successfully appeared again, Curve supporters are at a low ebb.

However, Convex Finance (CVX), a pledge token protocol that also belongs to the Curve system, has attracted attention for some time in the past because it accommodates the Curve ecological pledge tokens of Curve, Frax, f(x) and Prisma. After reaching an all-time high of 68 in January 2022, there are currently only nearly $4 left (due to a 90% surge today).

(Curve founder Michael Egorov believes the $140 million liquidation began when UwU Lend was stolen)

Faced with the sudden surge in CVX, Curve supporters believe that it is a conceptual rotation, and CVX already has solid market logic, which can bring better growth to the rewards of the above protocols.

Media Wu Shuo believes that this should be a short squeeze effect, because Bybit’s CVX short funding rate has reached -1.5%, which means short sellers have to pay the long funding rate, which is 1642.5% on an annualized basis.

This article CRV is at a low ebb, and the derivative protocol CVX has risen by more than 100% in a single day. Is the concept of rotation? Short squeeze effect? First appeared in Chain News ABMedia.